Indian crypto alternate CoinSwitch Kuber raises $260M

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Main Indian cryptocurrency alternate CoinSwitch Kuber is becoming a member of the unicorn membership by elevating $260 million in a Collection C funding spherical.

In line with an official announcement on Oct. 6, the brand new funding has propelled CoinSwitch Kuber to the “very prime” of Indian unicorns because the agency grew to become “India’s most valued crypto firm” at $1.91 billion.

The funding spherical was led by Coinbase’s enterprise capital arm Coinbase Ventures and Andreessen Horowitz. Earlier buyers like Sequoia, Paradigm, Ribbit and Tiger International have additionally participated within the spherical.

Utilizing the brand new funds, CoinSwitch Kuber plans to onboard 50 million Indians on the platform and introduce new companies like lending and staking. The alternate additionally expects to launch an institutional-grade product in addition to help extra numerous funding choices. Different deliberate initiatives embrace an innovation fund a crypto training hub for crypto.

“Each evolution takes a leap of religion, we’re taking a large one at this time with CoinSwitch Kuber turning right into a unicorn and changing into the most important crypto firm within the nation,” CoinSwitch Kuber co-founder and CEO Ashish Singhal mentioned.

Associated: US crypto alternate CrossTower expands to India

CoinSwitch Kuber is among the largest crypto exchanges in India alongside platforms like WazirX and CoinDCX. Since its launch in 2020, CoinSwitch Kuber has managed to amass 10 tens of millions customers as of September 2021. The alternate beforehand raised $25 million from buyers together with Tiger International in a Collection B spherical in April, following a $15 million Collection A spherical in January.